Lagos State Launches Digital Building Insurance Scheme
The Lagos State Government, in collaboration with VEDA Technology and key stakeholders across the insurance industry, has launched the Lagos Building Insurance Scheme,(LAGBIS), LAGBIS introduces a technology-enabled system designed to make building insurance more accessible while strengthening compliance with mandatory insurance laws.
This development is against a backdrop of more than 1,685 fires recorded across Lagos in the past year and property losses estimated at N19.7 billion.
Developed by VEDA Technology, the Lagos Building Insurance Platform leverages address intelligence, cadastral mapping, satellite imagery and digital building records across Lagos’ 20 local government areas to simplify mandatory building insurance and strengthen regulatory oversight. The platform integrates the Nigerian Insurance Industry Database (NIID), LASBCA’s compliance framework and the Electronic Physical Planning Permit System (EPPPS), enabling near-instant policy issuance, verification and digital compliance monitoring.
Every valid policy issued through the platform automatically generates an insurance compliance certificate verifiable by LASBCA during inspections.
